Bank of Japan monetary policy meeting for June 2022 has concluded.

Main points:


  • BOJ repeats April guidance of offering to buy 10-year JGBs at 0.25% every business day unless it is highly likely no bids will be submitted
  • Leaves unchanged its guidance on policy bias, says will take additional easing steps without hesitation as needed with eye on pandemic's impact on economy
  • Leaves unchanged its forward guidance on interest rates, says expects short- and long-term policy rates to remain at 'present or lower' levels
  • Must carefully watch impact of forex moves on Japan's economy, prices
  • exports and output continue to rise as a trend but the impact of supply constraints is rising
  • Japan's consumer inflation to move around 2% for the time being, but narrow pace of increase after


  • Japan's economy picking up as a trend, though some weakness has been seen
  • Japan's inflation expectations, particularly short-term ones, have risen
  • Japan's exports, output have continued to increase as trend but effects of supply-side constraints have intensified
  • Japan's core consumer inflation has been at around 2%, mainly due to rises in energy and food prices
  • Japan's economy is likely to recover with impact of COVID and supply-side constraints waning
  • Japan's core consumer inflation is likely to be around 2% for the time being but is expected to decelerate thereafter

more to come


Still to come from the BOJ, Kuroda's press conference:

boj kuroda press conference 17 June 2022